weekly; The rupee continued to weaken against the dollar, the stock market slumped

Karachi: The dollar remained in reverse gear for a third week despite the delay in the staff level agreement with the IMF.

Factors like issuance of trade loans of 70 crore dollars by China Development to Pakistan, increasing government reserves of foreign exchange and the approval of the mini budget by the President of the country led to the stability of the rupee and in the 5-day weekly business, the rupee was against the dollar. There was another 1.07% decline.

During the week’s trade, the dollar, pound, euro, and rial fell in the interbank market, while in the open market, the dollar was stable, the pound rial gained in value and the euro fell in value.

During the weekly trade, the interbank rates of the dollar fell below Rs 260, but the open rate of the dollar remained stable at the level of Rs 268 after fluctuations.

Also, news of lack of trust between the government and the IMF kept the Pakistan stock market down during the weekly trade.

The circulation of the news of the deadlock in the talks on the issue of circular debt with the IMF and the uncertain political situation also influenced the market, with the investors on the fear of the interest rate rising by 2 to 2.5 percent at any time in order to meet the IMF conditions. Be careful, the overall bearishness caused the index to fall back to the psychological level of 41000 points, the week was bullish in 2 sessions and bearish in 3 sessions.

Due to recession, 1 trillion 9 billion 55 crore 20 lakh 13 thousand 470 rupees of investors were sunk, due to which the total capital of the market also decreased to 63 trillion 20 billion 42 crore 62 lakh 26 thousand 694 rupees.